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20121201
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. as for the action in europe, really, the action focuses on italy where there's an impending political regime change. more on that in just a moment. the road map starts at the golden arches. mcdonald's blowing out expectations for november sales after the dismal drop in the month of october. hoping to fuel the rise, the bacon/onion/cheddar sandwich. >> there's one thing for certain, taxes on top earners are going up. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global comps up 2.4. u.s. same-store sales up 2.5, offered by breakfast offerings, including that cheddar/bacon/onion sandwich, as melissa mentioned. jim? people are saying the u.s. maybe is making a turn here. >> i find mcdonald's is levered to new products, levered to menu technology. they do invent things. my hat's off to janet. they had thi
that means but italy has its own laws as you know, probably as well as anybody. but he wants -- he'd like to continue to run the show because he feels just like mario draghi that he's been very successful and he can't let go of the reins. now i understand that. but he doesn't want to run. >> he's been very successful and he tells us about that. >> right. >> he had his july 26th surprise between him and mario draghi but in the end as you pointed out off camera he doesn't want to lose. he's not going through the process in a way where he can lose. basically if you appoint me i'll take it. >> right. >> i think president obama or any politician in the u.s. would love to have those terms up. >> right. he wants the terms. no election. i don't want that process. i don't want the feeling of rejection but i'd like to continue in this path. italy has to make a decision and i think the big money will line up behind him. we see the reactions when berlusconi was on the rise for those two days the bond market got trashed again in italy and he's been out there talking this morning anyway. >> switching g
was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy employed with citi. a bit of it coming out. and finally they cleaned it up with a few big blocks. >> that was v
there are two that we're watching for american investors. one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lot of these markets in e
with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking about fundamentals in the stock market more than just the cliff. we've got to talk about apple reversing its move lower this morning, sold more than 2 million iphone 5s in china. the best debut for any iphone in t
back as we're talking, rallied back quite a bit in the ten-year bond futures in italy but you know what, politics aside, mario draghi bought himself and europe some time. i don't know what they'll do with it, it will be 2013's story. >> you nailed it, to me every strategy since the crisis hit in this country in my opinion you could call it kick the can but it's about we have no idea what the effects are going to be, what the exit will be or if any of this is going to work but trying to buy time for something to happen. that something has to be growth and i still don't see how europe has a plan for more growth. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >>
. >> the european markets are closing now. >> remember yesterday and all that concern we had about where italy might go with the resignation of mario monti. greece is higher. por sh gal is higher. spain is higher. it's a good day for -- investor sentiment.strongly it was revealed today. optimism over what the fed is going to do in the united states tomorrow. optimism there will be a deal on the fiscal cliff. you have optimism that the recapitalization of the banks is going to be delayed by another year according to the bank of italy. and you have optimism as well on mar of election promises as we now face the pros wekt of a much earlier election in italy. to that end it is fascinating. sylvia berlusconi has come out today warning about the germano center of politics. in other words, too much of a focus on what is happening from germany and the austerity inspired by angela merkel. in particular, he is drawing attention to this. which is the spread of the extra that investors demand to hold italian bonds over german bonds. i've shown this to you a couple times. over the last year it's been a mainstay
of comments about what happens happening in europe and the need to liberalize the taxi systems in italy and so forth. are you comfortable with the system you have now in new york? i understand the medallion changes hands for $800,000. so you have a few people who control a lot of these licenses. who are creaming off most of the profits. then you have often first generation immigrants who are tearing around on the street 12-hour days trying to make a living? is that fair? >> medallion now trades for $1 million. so i think that does prove your point in a sense. look, we are -- the biggest issue in new york city is outside the core service area in midtown, downtown manhattan. mayor bloomberg has gotten legislation out to let us create a whole separate class of taxis that will operate in the boroughs. we do need more cabs. that $1 million price -- >> did it get approved? >> the governor signed it, the taxi owners, they have a lot at stake. they've sued and it's in court now. we're going to get a final decision by may or june. i'm sure we're going to win and put the new meltions on the street. >> d
ready with unlimited support for spain and italy, when and if they sign on to oversight agreements. these are huge dramatic changes. think about how many times we've agonized over where the money would come from for bailing out spain and italy. now we know. when they sign on to oversight. >> the point is we know -- we know what the policy response already is by the ecb and the feds. so what is going to be the next catalyst to keep the markets to those new highs you're talking about? >> the next big catalyst is obviously the fiscal cliff resolution, second, you have spain sign on to oversight from the ecb. remove any possibility of spanish default and we think that lagarde is signaling that the conditions to that oversight will be a lot about labor market reforms. those are growth enhancing, so that's another great catalyst for the market. last, but certainly not least, i think you could see the new leadership team in china come more aggressive reform program than people are expecting. >> all right. michael, good to have you. >> thank you so much. >> michael jones of riverfront. >>
much better. you throw up the bund. many areas whether you talk italy or indeed greece, rates are moving down. that isn't a bad thing for funding but it does ehave peopl look at spain saying they'll do bank bailout, old program, not country bailout new program. the correction was small. goldman says stocks are the place to be. kind of making this trade a little more true than it was on its knee jerk. if you look at putting it together. you can see we're up several basis points. still not huge. if you open it up to a one-month chart, you can see that 160 remains the pivot. it's still about europe. don't despair. i'm sure the red herring of bashing tax policy in the u.s. will get to the front page before the end of the session. >> thank you very much. let's check out latest news in energy and medals with sharon epperson. >> it's the euro that we see in euro dollar helping commodities and risk on trade across the board in the sector. the fact that we are looking at that euro dollar and above 130 level is significant. also keep in mind that we did get improving factory activity. t
way or the other, we will. >> remember when we used to talk about spain? italy? >> the good old days. spain was borrowing at 7%. >> germany went to the five-year high. we could have that, too. unlike them, our economy is not in tatters. they go five-year high on tatters. audi, good car. >> yes. good car. >> meantime, shares of costco this morning up in the premarket. warehouse retailer earned 95 cents a share in the first fiscal quarter. revenue, profit margins beating forecasts helped by rising sales. those higher membership fees did hike fees a year ago november, which doesn't happen very often. the journal today says, model looks great. the business is great. the stock is just -- people want to pay a lot of money for it, jim. >> oh, yeah, costco, those are remarkable numbers. i know you did an excellent special on coastco and it seems like the execution was impressive. people want to go there. >> as gas prices come down, that helps them, given they make it a bit of a loss leader. valuation rich for your blood. >> when you go to buy a house, you see kirkland more than any other bra
. for example italy managed to auction some debt today, the longer end of the market. and there was no great move. can we have a look at that? there was no great move of the ten-year yield as a result. maybe we'll come back in a moment. let's just focus on the close out. >> the european markets are closing now. >> it is negative territory as you can see. the fiscal cliff of course plays a part in that taking some of those -- in many senses you could call it profit taking -- not in the case of spain where you see a major underperformance. >> let me say the german finance minister suggested he thought the worst of the eurozone crisis is now past. he said the government in athens knows it cannot financially over burden the rest of the eurozone countries and is acting as it should. he was optimistic on france as well despite the fact the data is indicating we'll still get a contraction in the third quarter, for most of the eurozone. germany's economic position is arguably deteriorating but still schauble there is relatively optimistic that the crisis is over. in the meantime what is also happeni
% but falling. it's also true of italy. there the yields are down. take a look at where we are on the ten year, 4.4% and those bonds rise in value, you see the italian banks, for example, rising in value. the stock market, it's obvious the value of their assets is gaining ground. other financials around europe, the likes of kbc, bank of ireland, a lot of questions to the degree the irish can get better terms for their bailout or deal as a result of what the greeks have been given. there is -- and carl mentioned this, one area of concern today, and that's the finance minister's meeting where the frie french and the germans seem at odds over how they're going to get banking union, the germans are saying it cannot -- the individual banks cannot all be controlled by the ecb, the french saying, yes, they should be. that's the german finance minister. they are very split. they will try to hammer out a deal again middle of next weak. we're close now to the summit, the full heads of state summit. by then they should have a banking deal. what's interesting is with the backstop of the ecb we'll buy bond
the cliff that is force austerity, that is firing people. look at spain when they got serious. italy. it meant a lot of firings. he says i see what we are going to do follow these countries that have fiscal responsibility a lot of people are going to be fired. don't worry, i'm going to do my best. what what are you going to do to keep people employed? >> keeping the heat on congress, came up a number of times, of course energy the press conference that followed the fed announcement but unclear what impact it will have. >> and as far as ben bernanke can do only so much he can do we all know the market's addition to the additional stimulus and the more -- increased transparency in terms of what the fed is going to target in the future, that causes the stocks to go up for maybe an hour's worth of time and then resume trading as if nothing happened. >> in the years i have been following the fed there is always a strange dichotomy, seems like the market initially gets everything wrong. but what i have always felt, in the end, we take solace, if the fed says things are getting better we ge
in italy, germany is down by .9%. >> of course, futures as you saw are taking a hit on concerns that a deal will not be reached to avert that fiscal cliff. an attempt by house speaker boehner to avoid that class and pass the so-called plan b tax bill. that failed. the measure that would have kept current tax rates for those making less than $1 million a year. it never even made it to the house floor. speaker boehner is scheduled to hold a news conference about an hour from now. of course, we'll bring that to you live. >> here we are. >> here we are once again. >> there was no real plan b. there was no real possibility of this. the republicans, the vast majority signed a pledge, they will not vote for tax increase. who would think they would suddenly turn around and vote for a tax increase. they pledged not to. >> the speaker said they might. >> i don't care. >> unless it's some sort of a plan to show how he's really -- you know, you've got to negotiate harder. because look what i'm dealing with. >> these guys -- do you suddenly think they're saying, all of a sudden we're for taxes. no tax i
Search Results 0 to 14 of about 15